The announcement caps at least a year of rocky on-and-off talks as Yahoo tried to sell the stake as part of efforts to turnaround its business. Money from the sale will give Yahoo the financial firepower to return cash to disgruntled shareholders, many of whom are still upset after it squandered an opportunity to sell itself to Microsoft Corp. in May 2008 for $33 per share, or $47.5 billion. Yahoo’s stock has sagged since then, trading at $15.42 on Friday.
Yahoo said in a joint statement with Alibaba that it plans to return “substantially all” of the after-tax cash proceeds to shareholders. It said its share buyback program had been increased by $5 billion though a final decision on how to return the cash had not been made.
The deal, which closes in six months, is good for Yahoo because the company gets a “wad of cash” but still has exposure to fast-growing China, said Napoleon Biggs, head of digital integration at public relations firm Fleishman-Hillard Asia Pacific.
LOS ANGELES (AP) — The San Antonio Spurs mowed down another opponent, using their guile under pressure to close out another perfect playoff series.
Tim Duncan scored 21 points, Tony Parker added 17 and the Spurs beat the Los Angeles Clippers 102-99 on Sunday night to win their second-round matchup 4-0 and advance to the Western Conference finals.
“They played great, they made it tough on us,” Parker said. “The last 2 minutes we got the stops we needed. Everybody did something.”
The Spurs extended their winning streak to 18 games and their playoff record to 8-0, tying the third-best postseason streak in franchise history.
“Until we go all the way, I can’t compare this team,” said Parker, who has won three NBA titles with the Spurs. “We’re just trying to stay focused.”